Egypt to Release Delayed EGP2 bn in Arrears for Contractors

Planning and International Cooperation Minister Ashraf al-Arabi agreed on 2/12/2012 to release delayed EGP1.650 billion due on the National Authority for drinking water and sanitation for contractors and suppliers due on the National water, sanitation authority till June 2012, adding that another EGP235 million was already paid since Qandil's cabinet took office and EGP2billion has been paid by Qandil's cabinet in arrears for contractors so far. The Minister pointed out that EGP964 million will be paid for the Arab Contractors company, EGP455 million for the construction holding company and EGP230 million for 55 other companies.